Gold Price News and Forecast: XAU/USD attempts bids amid coronavirus woes-led risk-aversion

Gold Price Analysis: XAU/USD bounces-back towards $1910 amid growing coronavirus woes

Gold (XAU/USD) has bounced-off daily lows near $1902, as the bulls fight back control amid a sell-off in the US Treasury yields, triggered by the coronavirus concerns-induced risk-aversion.

The benchmark US 10-year Treasury yields drop further below the key 0.80% level, now trading at 0.768%, down 1.40% on a daily basis. The pessimism surrounding the American fiscal stimulus, election uncertainty and dwindling economic recovery weigh negative on the higher-yielding US rates and benefit the non-yielding gold.

Read more ...


Today last price 1.3034
Today Daily Change -0.0011
Today Daily Change % -0.08
Today daily open 1.3045
Daily SMA20 1.2979
Daily SMA50 1.3009
Daily SMA100 1.2866
Daily SMA200 1.271
Previous Daily High 1.308
Previous Daily Low 1.3001
Previous Weekly High 1.3177
Previous Weekly Low 1.2895
Previous Monthly High 1.3482
Previous Monthly Low 1.2676
Daily Fibonacci 38.2% 1.305
Daily Fibonacci 61.8% 1.3031
Daily Pivot Point S1 1.3004
Daily Pivot Point S2 1.2963
Daily Pivot Point S3 1.2926
Daily Pivot Point R1 1.3083
Daily Pivot Point R2 1.3121
Daily Pivot Point R3 1.3162


Asia Market: The abyss awaits as lockdowns loom

The weaker USD and lower yields initially boosted gold overnight. Still, momentum has fallen prey to the possibility of EU nations’ lockdowns, triggered by a marked departure from the Euro.  And with gold investors not banking on pre-election stimulus – and that may even get delayed if the US elections results are contested – EURUSD levels might be a crucial bellwether for gold.

While the return of curfew type containment measures in the Eurozone has not notably unnerved the EUR bulls so far, the imposition of national lockdowns could see the Euro topple and provide the magnetic attraction to drag gold lower.

Read more ...

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

GBP/USD hits new 2020 high near 1.35 on Brexit hopes

GBP/USD is rising toward 1.35, the highest since December 2020, shrugging off Brexit concerns. France may reportedly veto a deal if it sees too many compromises from the EU. The final US Services PMI met estimates.


EUR/USD holds onto 32-month highs after US data

EUR/USD is trading above 1.2150, the highest since April 2018. Optimism about a coronavirus vaccine and US fiscal stimulus boost markets and weigh on the safe-haven dollar. ISM Services PMI came out at 55.9, within estimates.


XAU/USD erases gains despite dollar’s weakness

Gold pulled back from weekly highs and dropped to $1823/oz, reaching a fresh daily low. It then rebounded, and as of writing, it trades at $1830, around the same level it closed on Wednesday.

Gold news

Crypto market relentlessly fighting for new yearly highs

Bitcoin is leading the recovery in the cryptocurrency market after reclaiming the position above $19,000. Ethereum has managed to bring down the critical hurdle at $600 while Ripple is holding slightly above $0.62.

Read more

Extra week of Black Friday!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info